The Government is set to raise the official age of retirement sooner than expected meaning Britons will have to work longer before they receive the state pension
Secretary of State for Work and Pensions Mel Stride will do his part to steady the retirement balancing act. .
The Sun reported that senior members in Government agree it should be brought forward they disagree how much by, with Jeremy Hunt, the chancellor, favouring raising it to 68 in the mid 2030s, but Mel Stride, the work and pensions secretary thinks it should not change until 2042. A statutory review for the Government of the state pension age has been concluded, and is expected to be first published in May.by Jeremy Hunt in his Autumn Statement. The Chancellor announced that state pension payments would be raised in line with inflation of 10.1 per cent – the largest ever annual increase. The triple lock guarantee dictates that the state pension is increased annually in line with either inflation, average earnings or a flat rate of 2.5 per cent, whichever is highest.
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